Interests prices and the Barosky - Summers resolution of the Gibson paradox under the gold standard
Autor(a) principal: | |
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Data de Publicação: | 1993 |
Tipo de documento: | Artigo |
Idioma: | eng |
Título da fonte: | Repositório Institucional do FGV (FGV Repositório Digital) |
Texto Completo: | http://hdl.handle.net/10438/12261 |
Resumo: | This paper presents a structural monetary úamework featunng a demand function for non-monetary uses of gold, such as the one drawn by Barsky and Summers in their 1988 analy8ÚI of the Gibson Paradox as a natural concomitant of the gold standard period. That structural model predicts that the laws of behavior of nominal prices and interest rates are functions of the rules set by the government to command the money supply. !ta fiduciary vemon obtaina Fisherian relationships &8 particular cases. !ta gold atandard 801ution yields a modelsimilar to the Barsky and Summers model, in which interest rates are exogeneous and subject to shocb. This paper integrates governnment bonds into the analysis, treats interest rates endogenously, and ahifts the responsibility for the shocb to the government budgetary financing policies. The Gibson paradox appears as 'practically' the only cl&18 of behavioral pattern open for interest rates and price movements under apure gold standard economy. Fisherian-like relationshipe are utterly ruled out. |
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Martins, Marco Antonio CamposEscolas::EPGEFGV2014-10-28T13:48:20Z2014-10-28T13:48:20Z1993-08-19http://hdl.handle.net/10438/12261This paper presents a structural monetary úamework featunng a demand function for non-monetary uses of gold, such as the one drawn by Barsky and Summers in their 1988 analy8ÚI of the Gibson Paradox as a natural concomitant of the gold standard period. That structural model predicts that the laws of behavior of nominal prices and interest rates are functions of the rules set by the government to command the money supply. !ta fiduciary vemon obtaina Fisherian relationships &8 particular cases. !ta gold atandard 801ution yields a modelsimilar to the Barsky and Summers model, in which interest rates are exogeneous and subject to shocb. This paper integrates governnment bonds into the analysis, treats interest rates endogenously, and ahifts the responsibility for the shocb to the government budgetary financing policies. The Gibson paradox appears as 'practically' the only cl&18 of behavioral pattern open for interest rates and price movements under apure gold standard economy. Fisherian-like relationshipe are utterly ruled out.engEscola de Pós-Graduação em Economia da FGVSeminários de pesquisa econômica da EPGETodo cuidado foi dispensado para respeitar os direitos autorais deste trabalho. Entretanto, caso esta obra aqui depositada seja protegida por direitos autorais externos a esta instituição, contamos com a compreensão do autor e solicitamos que o mesmo faça contato através do Fale Conosco para que possamos tomar as providências cabíveisinfo:eu-repo/semantics/openAccessInterests prices and the Barosky - Summers resolution of the Gibson paradox under the gold standardinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/articleEconomiaPadrão-ouroTaxas de jurosreponame:Repositório Institucional do FGV (FGV Repositório Digital)instname:Fundação Getulio Vargas (FGV)instacron:FGVORIGINAL000086194.pdf000086194.pdfapplication/pdf1456324https://repositorio.fgv.br/bitstreams/ec48b0e5-ad7a-4a70-a44d-242a71fd5ffa/download5e06af5830320d7c25c28044cc45b989MD51LICENSElicense.txtlicense.txttext/plain; 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dc.title.eng.fl_str_mv |
Interests prices and the Barosky - Summers resolution of the Gibson paradox under the gold standard |
title |
Interests prices and the Barosky - Summers resolution of the Gibson paradox under the gold standard |
spellingShingle |
Interests prices and the Barosky - Summers resolution of the Gibson paradox under the gold standard Martins, Marco Antonio Campos Economia Padrão-ouro Taxas de juros |
title_short |
Interests prices and the Barosky - Summers resolution of the Gibson paradox under the gold standard |
title_full |
Interests prices and the Barosky - Summers resolution of the Gibson paradox under the gold standard |
title_fullStr |
Interests prices and the Barosky - Summers resolution of the Gibson paradox under the gold standard |
title_full_unstemmed |
Interests prices and the Barosky - Summers resolution of the Gibson paradox under the gold standard |
title_sort |
Interests prices and the Barosky - Summers resolution of the Gibson paradox under the gold standard |
author |
Martins, Marco Antonio Campos |
author_facet |
Martins, Marco Antonio Campos |
author_role |
author |
dc.contributor.unidadefgv.por.fl_str_mv |
Escolas::EPGE |
dc.contributor.affiliation.none.fl_str_mv |
FGV |
dc.contributor.author.fl_str_mv |
Martins, Marco Antonio Campos |
dc.subject.area.por.fl_str_mv |
Economia |
topic |
Economia Padrão-ouro Taxas de juros |
dc.subject.bibliodata.por.fl_str_mv |
Padrão-ouro Taxas de juros |
description |
This paper presents a structural monetary úamework featunng a demand function for non-monetary uses of gold, such as the one drawn by Barsky and Summers in their 1988 analy8ÚI of the Gibson Paradox as a natural concomitant of the gold standard period. That structural model predicts that the laws of behavior of nominal prices and interest rates are functions of the rules set by the government to command the money supply. !ta fiduciary vemon obtaina Fisherian relationships &8 particular cases. !ta gold atandard 801ution yields a modelsimilar to the Barsky and Summers model, in which interest rates are exogeneous and subject to shocb. This paper integrates governnment bonds into the analysis, treats interest rates endogenously, and ahifts the responsibility for the shocb to the government budgetary financing policies. The Gibson paradox appears as 'practically' the only cl&18 of behavioral pattern open for interest rates and price movements under apure gold standard economy. Fisherian-like relationshipe are utterly ruled out. |
publishDate |
1993 |
dc.date.issued.fl_str_mv |
1993-08-19 |
dc.date.accessioned.fl_str_mv |
2014-10-28T13:48:20Z |
dc.date.available.fl_str_mv |
2014-10-28T13:48:20Z |
dc.type.status.fl_str_mv |
info:eu-repo/semantics/publishedVersion |
dc.type.driver.fl_str_mv |
info:eu-repo/semantics/article |
format |
article |
status_str |
publishedVersion |
dc.identifier.uri.fl_str_mv |
http://hdl.handle.net/10438/12261 |
url |
http://hdl.handle.net/10438/12261 |
dc.language.iso.fl_str_mv |
eng |
language |
eng |
dc.relation.ispartofseries.por.fl_str_mv |
Seminários de pesquisa econômica da EPGE |
dc.rights.driver.fl_str_mv |
info:eu-repo/semantics/openAccess |
eu_rights_str_mv |
openAccess |
dc.publisher.none.fl_str_mv |
Escola de Pós-Graduação em Economia da FGV |
publisher.none.fl_str_mv |
Escola de Pós-Graduação em Economia da FGV |
dc.source.none.fl_str_mv |
reponame:Repositório Institucional do FGV (FGV Repositório Digital) instname:Fundação Getulio Vargas (FGV) instacron:FGV |
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Fundação Getulio Vargas (FGV) |
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FGV |
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FGV |
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collection |
Repositório Institucional do FGV (FGV Repositório Digital) |
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